Core Viewpoint - Chutianlong (003040.SZ) reported a decline in revenue and a net loss for the first half of 2025, while focusing on strategic developments in various technology sectors [1] Financial Performance - The company achieved an operating revenue of 457 million yuan, representing a year-on-year decrease of 4.83% [1] - The net loss for the period was 39.77 million yuan [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [1] Business Development - The embedded security product business showed steady growth during the reporting period [1] - The company is strategically positioning itself in areas such as eSIM products, quantum encryption technology, and digital currency [1]

Core Viewpoint - The company reported a decline in revenue and a significant net loss for the first half of 2025, while also outlining its strategic focus on emerging technologies [1] Financial Performance - The company achieved an operating revenue of 457 million yuan, representing a year-on-year decrease of 4.83% [1] - The net loss for the period was 39.77 million yuan [1] Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1] Business Development - The embedded security product business showed steady growth during the reporting period [1] - The company is strategically positioning itself in areas such as eSIM products, quantum encryption technology, and digital currency [1]

8月18日，紫光国微发布2025年半年度报告。报告显示，公司上半年实现营业收入30.47亿元，同比增长 6.07%；归母净利润6.92亿元，同比下降6.18%。公司三大主营业务板块均取得积极进展，在特种集成电 路、智能安全芯片和石英晶体频率器件领域持续深耕。 在特种集成电路领域，紫光国微展现出强劲的技术实力和市场竞争力。报告期内，公司优化研发组织架 构，显著缩短研制周期；自建封装线顺利投产，产品质量达到行业先进水平。FPGA和系统级芯片产品 继续保持行业领先地位，新一代高性能产品实现批量交货。在特种存储器方面，公司保持国内技术最先 进、系列最全的优势地位。新推出的交换机芯片批量交货，应用范围持续扩大。值得关注的是，公司在 宇航应用领域取得突破，新推出的宇航用FPGA、回读刷新芯片等产品获得核心用户批量应用。 智能安全芯片业务在产品技术和市场拓展方面不断取得新突破。公司持续保持在全球SIM卡芯片市场的 领先地位，eSIM产品导入多家头部手机厂商并实现批量发货。在金融IC卡领域，搭载全球首款开放式 软硬件架构安全芯片E450R的银行卡试点首发。更引人注目的是，公司在汽车电子领域取得显著进展， 汽车安全芯片解决方案 ...

Core Viewpoint - The market has shown low preference for Unisoc's eSIM business, attributed to various factors including macroeconomic conditions and investor risk appetite [1] Group 1: Company Performance - Unisoc is the first domestic chip manufacturer to achieve global commercial use of eSIM technology, having successfully launched and mass-produced multiple eSIM products that comply with GSMA and domestic communication standards [1] - The company is focusing on improving operational efficiency and profitability to enhance its investment value [1] Group 2: Market Dynamics - The company's stock price is influenced by a range of factors including macroeconomic conditions, market environment, and investor risk preferences [1] - All domestic eSIM chips must include Unisoc's security components to be allowed for market circulation, suggesting that Unisoc holds significant pricing power in the eSIM business [1]

Core Viewpoint - The eSIM industry is experiencing unprecedented growth, transitioning from gradual development to explosive growth, particularly since 2022, with over 240 regional operators deploying eSIM services globally, although there is still significant room to achieve the GSMA's vision of universal eSIM support for all mobile and IoT devices [1][2]. Group 1: Consumer Awareness and Adoption - Consumer awareness and acceptance of eSIM technology are rapidly increasing, with approximately 50% of consumers aware of eSIM, and 20% knowing how to use it on their phones. In international travel scenarios, 50% of respondents expressed willingness to try eSIM for travel communication services [2]. Group 2: Value Proposition of eSIM - eSIM technology offers significant environmental benefits by reducing carbon emissions associated with traditional SIM card production and logistics. The integration of eSIM at the manufacturing stage eliminates the need for physical card distribution [3]. - From a user experience perspective, eSIM addresses many pain points associated with traditional SIM cards, allowing for online and remote switching of operators and plans, enhancing convenience [5]. - For device manufacturers, eSIM provides greater design flexibility, enabling the development of smaller devices without physical SIM slots, thus improving waterproofing capabilities [5]. Group 3: Technological Advancements - The eSIM products from a leading Chinese chip manufacturer have achieved significant commercial milestones, supporting various devices globally, including smartphones and wearables. This marks the first large-scale international commercialization of eSIM by a Chinese manufacturer [6]. - The new generation of eSIM products supports multiple profiles and certificates, allowing for dual standby functionality, which is crucial for eSIM-only devices [6][7]. - Compatibility between Chinese operator certificates and GSMA international certificates is a significant breakthrough, simplifying product development for international markets [7]. Group 4: Future Development Directions - Future eSIM products will incorporate innovative features tailored to the Chinese market, including support for multiple applications and enhanced security measures, such as national encryption algorithms and post-quantum algorithms [9]. - The vision for eSIM includes the development of an "all-time and space connection" ecosystem, integrating satellite communication and indoor WiFi access capabilities to ensure continuous connectivity [10]. Group 5: Industry Collaboration - China Unicom plays a crucial role in advancing the eSIM industry, having established partnerships with over 40 brands and 150 terminal models since launching eSIM services in 2015. Collaborative efforts include the development of dual-mode 5G eSIM products and the establishment of a joint laboratory for eSIM innovation [12]. - The "AI+5G+eSIM Industry Cooperation Initiative" launched during the 2025 MWC Shanghai aims to foster collaboration among over 50 leading companies in the industry, promoting an open and win-win AI terminal ecosystem [12]. Conclusion - eSIM is poised for explosive growth in the AI era, evolving from a single-function technology to a multi-faceted solution that addresses various needs, including device identity authentication and security. As standards and ecosystems continue to develop, eSIM will play an indispensable role in building a connected world [14].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 5.511 billion yuan, down 27.26% year-on-year, and net profit at 1.179 billion yuan, down 53.43% year-on-year [1]. - The special integrated circuit segment remains the primary profit source, contributing 91.97% to the net profit, with expectations for high growth in the next 2-3 years as the industry recovers [4]. - The company is focusing on high R&D investment, amounting to 1.286 billion yuan in 2024, which is 23.34% of revenue, to expand its special chip categories [4]. Financial Performance Summary - In 2024, the company achieved a revenue of 5.511 billion yuan, a decrease of 27.26% year-on-year, and a net profit of 1.179 billion yuan, a decrease of 53.43% year-on-year [1][7]. - The special integrated circuit revenue was 2.577 billion yuan, down 42.57% year-on-year, with a net profit of 1.085 billion yuan, down 52.21% year-on-year [2]. - The smart security chip segment saw revenue growth of 3.69% year-on-year, reaching 2.487 billion yuan, with a net profit increase of 11.38% to 293 million yuan [3]. Future Projections - The company forecasts net profits of 1.682 billion yuan, 2.175 billion yuan, and 2.594 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 33X, 25X, and 21X [5][7]. - The report anticipates a recovery in the special integrated circuit industry, leading to significant growth in the company's performance over the next few years [4].